- Category: Business , Sociology
- Topic: Marketing
Meet Tomi, a 28-year-old resident of Nottingham. He's a mid-level marketing executive, who believes in leading a healthy lifestyle while staying ambitious and pursuing personal and professional goals. Tomi's an outgoing, self-starter with an analytical mind, who enjoys social media, blogs, mobile ads, and video advertising as his favourite media touchpoints. Also, Tomi is loyal and has a high level of trust towards brands that promise to promote healthy choices.
Recent research has found two factors (themes) in exploring the relationship between the big five personality types (extraversion, agreeableness, conscientiousness, neuroticism and openness to experience) and repurchase decisions in culinary contexts. They are social media and social status along with price. Understanding the driving factors behind my purchases would enable me to prioritize better. For instance, grocery shopping makes up 40% of my purchases because food and water cater to my basic biogenic needs.
A pleasing appearance is quite important to Tomi, and he invests significant time and effort into his clothing and shoes, despite a limited monthly budget. Also, the changing weather forces him to purchase a winter coat, though the decision wasn’t deliberate.
Perception plays a significant role in determining consumer behaviour, and brand advertisements and marketing activities have a significant impact on Tomi's purchasing decisions. Advertisers need to understand consumer touchpoints to reach audiences with the most effective message to prompt purchases. Also, the use of appropriate smell can influence consumer's perception.
Lastly, reference groups and situational factors impact purchasing behaviour. While there are many factors that constitute the situational factor, understanding their impact would enable us to make better purchasing decisions.
People have different reasons for making purchases, but their purchasing behaviour usually falls into either premeditated or impulsive categories. As a savvy shopper, I typically plan out my grocery shopping before visiting the store. However, during a recent visit to Aldi, I found myself impulsively adding a tub of ice cream to my basket, even though it wasn't on my shopping list. This made me reflect on whether my purchases are premeditated or impulsive.
One way to categorize purchases is to differentiate between utilitarian and hedonic products. Utilitarian products are characterized by practicality, functionality, and necessity, while hedonic products are enjoyable, exciting, and thrilling (Dhar & Wertenbroch, 2000). However, some products can have both utilitarian and hedonic qualities. For example, a pair of Adidas sneakers may be necessary for a workout routine, but they can also be pleasurable to wear due to their brand name (Voss et al., 2003). Similarly, a winter jacket may serve a utilitarian purpose of keeping warm, but if it's a high-end brand, it can also have hedonic properties.
While utilitarian purchases tend to dominate my buying habits due to budget constraints, there are factors that can lead to preference reversals. These include factors such as the language used in consumer reviews, the number of attributes considered, and the number of decision-making phases (Kronrod & Danziger, 2013; Bhargave et al., 2015).
Personality types can also influence our purchasing decisions. The Big Five personality traits – openness, extraversion, agreeableness, neuroticism, and conscientiousness – have been extensively studied in psychology and management literature (Haeruddin & Natsir, 2016; Gosling et al., 2003; Barrick & Mount, 1991). These traits can affect an individual's behaviour, thoughts, and emotions, and can impact their purchasing decisions. For example, individuals who score high in extraversion may be more likely to purchase hedonic products, while those who score high in conscientiousness may prioritize utilitarian purchases.
In conclusion, understanding our purchasing behaviours and the factors that influence them can help us make more informed buying decisions. By being mindful of whether our purchases are premeditated or impulsive, considering the utilitarian and hedonic qualities of products, and taking into account our personalities, we can make purchases that align with our values and goals.